Sensex opens high at 18,031.77 pts, up by 33 pts

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Mumbai, Oct 19: The BSE sensitive index today resumed firm at 18,031.77 points with a small gain of around 33 points from its last close of 17,998.30 points on fresh speculative demand from FIIs and mutual fund operators.

'' The market declined sharply in early trade, amid intense volatility, extending yesterday's fall. Market breadth was weak on BSE,'' brokes said.

Later, the current BSE 30-share Sensex is down by 412.19 points, or 2.29 per cent (pc), to 17,580.90 on intense selling pressure.

After opening high at 5360.35 points. The broader based S&P CNX Nifty index of NSE is also down by 142.20 points, or 2.66 pc, to 5,208.80 from it last close of 5351.00 points, Reliance Energy was the top loser from the Sensex pack. It plunged by 8.44 pc to Rs 1450.

Bhel was down by 5.61 pc to Rs 2059.90 followed by Maruti Suzuki India by 5.55 pc to Rs 1085 and Tata Steel by 4 pc to Rs 801.50.

India's largest private company in terms of market capitalization and oil refiner Reliance Industries (RIL) was down by 3.96 pc to Rs 2474 . It reported 27.9 pc growth in net profit to Rs 3837 crore on 6.6 pc growth in net sales to Rs 32,043 crore in Q2 September 2007 over Q2 September 2006. The results are after taking effect merger of IPCL in the company which took effect recently. RIL's gross refining margin was a robust USD 13.6 a barrel in Q2 September 2007 compared to USD 9.1 in Q2 September 2006. HDFC Bank was the top gainer from the Sensex pack. It rose by 1.94 pc to Rs 1406. IT shares edgd higher. TCS was up 1.35 pc to Rs 1134 and Infosys rose by 1 pc to Rs 1908.50.

Wipro gained by 0.82 pc to Rs 500.50 after its consolidated net profit as per Indian GAAP rose 13.5% to Rs 823.70 crore on 13.1 pc rise in revenue to Rs 4,757.40 crore in Q2 September 2007 over Q1 June 2007. The results hit the market before trading hours today.

Volatility is expected to remain high for coming few days ahead of expiry of October 2007 derivatives contracts on October,25 2007.

Meanwhile, Finance Minister P Chidambaram said after market hours yesterday, that Securities and Exchange Board of India (Sebi) can extend the 18-month window allowed for winding down of participatory notes already issued with derivatives as the underlying. Sebi will decide on 25 October 2007 on new rules to limit the use of offshore derivatives to invest in Indian stocks.

Annual inflation data, based on the wholesale price index (WPI), for the week ended October 6 2007 is due today, 19 October 2007.

Inflation rose by 3.26 pc in the week ending September 29 2007 from 3.42 pc in the week ending September 22, 2007.

Asian markets were trading lower today. Japan's Nikkei was down by 1.82 pc at 16,795.23 followed by Singapore's Straits Times by 1.51 pc at 3,752.23, South Korea's Seoul Composite by 0.72 pc at 1,990.70 and Taiwan's Taiwan Weighted by 0.03 pc or 9,634.80, which reflected to downward on Indian bources, brokers added.

US markets ended mixed yesterday, after disappointing results from Bank of America Corp. provided further evidence that the credit crisis is hurting the economy. The Dow Jones Industrial Average slipped by 3.58 points, or 0.03 pc, to 13,888.96. The Standard&Poor's index fell by 1.16 points, or 0.08 pc, to 1,540.08. The technology-heavy Nasdaq Composite Index rose by 6.64 points, or 0.24 pc, to 2,799.31.


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